The International Monetary Fund just said: 'As the global economy is headed for stormy waters, financial turmoil may well erupt... with inflation higher than seen in several decades.'
The global economy is headed for “stormy waters,” the International Monetary Fund said on Tuesday as it cut its projection for growth next year and warned that high inflation was worsening living conditions.
“Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades. The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook,” the IMF said in a summary of the report.
“Monetary policy should stay the course to restore price stability, and fiscal policy should aim to alleviate the cost-of-living pressures while maintaining a sufficiently tight stance aligned with monetary policy,” the IMF said. “In short, the worst is yet to come, and for many people 2023 will feel like a recession,” the report said.
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